Resolution No. 1596/2017

Resolution No. 1596/2017

of the Warsaw Stock Exchange Management Board

dated29 December 2017

concerning the temporary availability of reduced rates of certain exchange fees charged on the WSE Main Market

Pursuant to § 178 of the Exchange Rules, the Exchange Management Board resolves the following:

§ 1

1. Entities which fulfil the participation requirements of the promotional reduction of exchange fees and are eligible for reduced exchange fees in the HIGH VOLUME PROVIDER programme under Resolution No. 1595/2017 of the Exchange Management Board dated 29 December 2017, shall be entitled to participate in the reduction of exchange fees on trade in shares or rights to shares under the aforementioned Resolution and/or under this present Resolution (to the extent and on the terms hereof) or to participate only in one of such fee reductions.
2. Participation in the promotional reduction of exchange fees under Resolution No. 1595/2017 of the Exchange Management Board dated 29 December 2017, shall be without prejudice to use, to any other extent, of the reduction of exchange fees under this present Resolution (to the extent and on the terms hereof) provided the exchange member flags its broker orders with the appropriate designation, in the procedure and on the terms agreed with the Exchange, separately for orders to be subject to the given reduction.
3. The rates of exchange fees referred to in point 3.1.1 of Exhibit 1 to the Exchange Rules shall not apply to an entity’s trade in shares or rights to shares during the period of participation in the reduction of exchange fees under this Resolution.

§ 2

As a condition of participation in the reduction of exchange fees under this present Resolution, the authorised entity referred to in § 1, sub-paragraph 1 shall complete a relevant application form according to the template defined by the Exchange and provide the Exchange with the original counterpart of the completed form.

§ 3

1. The reduction of exchange fees under this present Resolution shall only apply to fees referred to in points 3.1.1 of Exhibit 1 to the Exchange Rules on trade in shares and rights to shares in the continuous trading system with the exception of block trades, cross trades and “buy in/sell out” transactions.
2. In the case of participation in the reduction of exchange fees under this Resolution, the exchange fee on trade in shares or rights to shares shall only be charged on the value of an order or its executed part as follows:

1. 0.002% of the value of an order or its part, executed in the continuous trading phase or trading at last in a transaction marked in the exchange IT system as “add liquidity” (known as a “maker transaction”);
2. 0.01% of the value of an order or its part, executed in the continuous trading phase or trading at last in a transaction marked in the exchange IT system as “remove liquidity” (known as a “taker transaction”);
3. 0.01% of the value of an order or its part, executed in:
   1. the continuous trading phase in a transaction other than marked in the exchange IT system as “remove liquidity” or “add liquidity”, or
   2. during the opening phase, or
   3. during the closing phase.

§ 4

1. The reduced exchange fee rates, referred to in § 3, sub-paragraph 2, shall apply to executed transactions starting on the first day of the calendar month following the submission of the appropriately completed application form, referred to in
   § 2, by the authorised entity.
2. The reduced exchange fee rates shall only apply to broker orders flagged with the appropriate designation, in the manner and on the terms agreed with the Exchange, by the exchange member submitting the order.
3. In the event of any breach of the rules of flagging broker orders with the appropriate designation, referred to above, the Exchange Management Board may decide to discontinue the application of the reduced exchange fee rates under this present Resolution to trade on the account of the entity.
4. Prior to making the decision referred to in sub-paragraph 3, the Exchange Management Board may call on the entity to provide the necessary explanations, information or documents.

§ 5

Resolution No. 663/2016 of the Exchange Management Board, dated
28 June 2016, concerning the temporary availability of reduced rates of certain exchange fees charged on the GPW Main Market, becomes ineffective.

§ 6

1. The reduction of the fees, referred to in § 3, sub-paragraph 2 of this Resolution, shall apply to fees on trades executed as of 3 January 2018, subject to sub-paragraphs 2 and 3 and § 7.
2. The requirements to qualify for the promotional reduction of exchange fees, referred to in § 3 of this Resolution, does not apply to entities which as of
   31 December 2017 have the right to participate in the HIGH VOLUME PROVIDER programme based on hitherto standing Exchange regulations.
3. Regarding entities referred to in sub-paragraph 2, the right to reduced exchange fees resulting from this Resolution for the month of January 2018, is determined based on trade data resulting from the entity’s participation in the HIGH VOLUME PROVIDER programme for December 2017.

§ 7

This resolution shall come into force on 3 January 2018 and remain in force until
31 August 2018, unless the Exchange Management Board shall decide to extend the duration of this Resolution.